Canada Adopts International Crypto Tax Reporting Standard
Canada is aimed at having the OECD standard for crypto asset tax reporting in place by 2027, as agreed with 46 countries.
More than 90% of Austrians have heard of Bitcoin, according to a survey by the Independent Reserve Cryptocurrency Index (IRCI).
The results from a survey of 2,000 Australians show that 92% of Australians know about cryptocurrency with Bitcoin being the most known cryptocurrency by far.
92% of Australians have heard of at least one crypto. To be expected, #Bitcoin has the most brand awareness, with 90.80% of the respondents having heard about Bitcoin.
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— Independent Reserve (@indepreserve) November 28, 2022
Despite this recognition, crypto ownership in Australia in the last two years has dropped. In 2019, 28.8% Australians said they were holding some crypto, however in 2022 this figure dropped to 25.6%. This short-term decline is likely as a result of the bear market this year has experienced, with figures spiking two years ago as the industry enjoyed the bull market. Currently, the bear market is known as a time of building and longer term holders (HODLers) investing and buying cryptocurrency while the prices are lower. Short-term investors and sentiment traders will wait for the next bull market to enter before buying into the industry again.
The results show slightly more bullish than bearing thinking with 32.8% of those surveyed predicting that Bitcoin will be sitting between $30,000 and $100,000 by the year 2030.
What do you think $BTC will be worth by 2030?#Bitcoin
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— Independent Reserve (@indepreserve) November 28, 2022
According to Adrian Przelozny, the CEO of Independent Reserve the data shows that the volatility won’t have an impact on crypto investment:
“Despite this volatility, the 2022 IRCI data clearly demonstrates that Australians’ interest and investment in crypto remains high and continues to gain momentum.”
Demographically, the research shows that users between 18 and 24 years and 35 and 44 years foresee cryptocurrency as an asset that will likely be accepted as a payments option, while more users of 65 years and older believe it’s an unlikely scenario.